Does 2007 tape catch then-Sen. Obama in a lie?

This is a rush transcript from "The Five," October 3, 2012. This copy may not be in its final form and may be updated.

ERIC BOLLING, CO-HOST: So much is made about, from both sides, about The Daily Caller video of President Obama in 2007 that Hannity broke last night. The left saying there is nothing new there. The right is saying listen to the anger and the accusations in the man.

But you're not going to believe what I found today doing homework. Thereon President Obama call out racial bias in the way we help disaster victims.

(BEGIN VIDEO CLIP)

THEN-SEN. BARACK OBAMA, D-ILL.: When 9/11 happened in New York City, they waived the Stafford Act. Saying this is too serious a problem we can't expect New York City to rebuild on its own. Forget that dollar you got to put in. Here's $10. That was the right thing to do.

When hurricane Andrew struck in Florida, people say, look at this devastation. We don't expect you to come up with your own money here.

Here is the money to rebuild. We're not going to wait for you to scratch it together because you're part of the American family.

What's happening down in New Orleans? Where is your dollar? Where is your Stafford Act money?

Tells me that somehow the people down in New Orleans don't care about as much.

(END VIDEO CLIP)

BOLLING: Here's the problem, Senator Obama delivered those racially charged accusations on June 5th, 2007. What he failed to tell us is the Stafford Act was waived for New Orleans 10 days prior to the speech.

And here's the worst part, that senator, Senator Obama, was one of 14 senators who voted against waiving the act and delivering the funds to New Orleans.

Folks, I try to give the man the benefit of the doubt but he is playing racial politics and basically accusing the government of caring more about white people than black people. But the facts are exactly the opposite. Bob, you're laughing --

(LAUGHTER)

(CROSSTALK)

BOB BECKEL, CO-HOST: You have never given him the benefit of the doubt. Are you kidding me?

BOLLING: Here, it's HR-1226. And I would tell you, there were 80 senators who voted yea to release the money, 14 who voted nay. Barack Obama, Democrat from Illinois, the same one.

(CROSSTALK)

BECKEL: People should vote 10-1. We should have it 100 percent. But leaving that aside --

BOLLING: But nonetheless, by voting nay, he was saying don't release the funds and 10 days later goes on that podium and says where is your Stafford money?

BECKEL: Well, that's a good question because given monumental mismanagement of Katrina by FEMA during that, there was no Stafford money down there the day he said that. There was no Stafford money.

BOLLING: Bob Beckel, don't get in that boat. That boat is sinking in front of your eyes. Right there said where is your Stafford money going?

Knowing very well, Stafford money was approved 10 days prior. And he voted against approving it.

Kimberly, jump in.

KIMBERLY GUILFOYLE, CO-HOST: Well, listen, you know, this is, you know, new title, panderer-in-chief, whoever he is in front of, he's going to morph and become a chameleon to suit that audience. He even saw it with his tone, his vocal implications. He sounded like he was kind of a minister from the South. Now, he sounds more like Bill Clinton.

He can get up there and say something like that knowing full well his vote was not in support of those people. So, to me -- this just really shows you, people are going to say, is this the real Obama or is he playing a role now as commander-in-chief?

GREG GUTFELD, CO-HOST: Can I make two points?

People are saying that, you know, this is -- this is bubbling up from conservative blogs. I was watching on CNN. That's how they portrayed. They had an editor for Mother Jones discussing this, the most left-wing magazine.

When a story about Mitt Romney, the haircut incident, or Bain Capital bubbles up, they never say it came from a liberal blog or it came from a liberal outlet. But when this story comes up, it's like, oh, it's coming from the conservative areas because you didn't do your damn job. This stuff was ignored.

I want to make another point. This isn't a conservative nightmare. It's a liberal dream fulfillment.

If you ask any of the Obama supporters, they want the old Obama. They want the fiery Obama. To them, the modern Obama is Van Halen with Sammy Hagar. They want Van Halen with David Lee Roth.

Bill Maher, Sam Jackson, Chris Rock were all saying, when he gets re- elected, we're going to see the old Obama, the fiery Obama, the angry Obama. So, they should be happy they're seeing this.

BOLLING: It begs the question, Dana, forget about what the money or -- that the man could stand on the podium and do that, point the finger and say, where is your Stafford money -- knowing very well Stafford money was on its way and he voted against it. Anyway, where is your yours?

Which Obama we're going to see tonight? What is he going to tell the American people? Is he going to say -- forget the last four years knowing very well, the last four years are on his watch?

DANA PERINO, CO-HOST: Well, I think, when I saw the video, it just reminded me of things we've seen before. And it's a long way from "hope and change," OK?

But I don't think it will matter. He's the president of the United States. The questions are as Andrea pointed out earlier, the 8.1 percent unemployment. The fact that the government spending has increased under his watch. That he hasn't fulfilled almost -- well, you could name any promise but you can't find one that he's fulfilled.

That video might give some people pause. The fact that he voted against it and maybe they'll come up with some explanation, maybe he did want something else, maybe he didn't know what he was voting for. But he was being divisive.

And I never thought in 2012, the country would feel divided than it did in 2008.

GUILFOYLE: It does.

PERINO: It does.

BECKEL: What he was exactly accurate. Did they have gotten the Stafford money?

BOLLING: Holy cow, Bob!

BECKEL: There are people on the roof of their houses.

BOLLING: Don't get in this.

PERINO: In May of 2007? What the heck are you talking about? Katrina happened in August of 2005, Bob. This is the second wave of money. The question about --

GUILFOYLE: Nobody was on the roof.

(CROSSTALK)

PERINO: Give me a break.

BOLLING: Can we go on? We have to get this. We teased this piece of video. This is from 2002. We called President Obama class warrior -- warfare warrior, take a listen from 2002.

(BEGIN VIDEO CLIP)

OBAMA: I don't know if you've noticed, but rich people are all for nonviolence. Why wouldn't they be? They've got what they want. They want to make sure people don't take their stuff.

(END VIDEO CLIP)

BOLLING: We don't have a lot of time.

Kimbo --

GUILFOYLE: You see the hostility. He is very good at class warfare and the blame game. I mean, that's really who he is. What he believes.

That's why people that are supportive of him that are liberals are hoping and expecting once he gets re-elected, that it's just going to be Obama unchecked. We're going to see unveiling, the real guy.

GUTFELD: I look at it in a colder way. I just think he's a careerist and he sees an opportunity to excel, and so he adopts and assimilates ideology.

I think now when he is in the corridors of power, he looks back at this, I had to do that. I'm not like that anymore. C'mon, guys. Everybody has to do something.

BECKEL: Name me a presidential candidate who has not -- or a president who has not played to their audience?

BOLLING: That was 2002.

BECKEL: It doesn't matter. Any politician who --

(CROSSTALK)

GUTFELD: -- is a germ that we've all discussed that people dismissed, which is class warfare. The guy doesn't -- you know, has a problem with people who are wealthy, not sharing it with everybody else.

BECKEL: Class warfare goes back to Williams Jennings Bryant for --

GUTFELD: But that doesn't make it right, Bob.

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